India Base Metals
Most down ahead of US non farm payroll data
This story was originally published at 18:15 IST on 3 July 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of most base metals edged lower on the Multi Commodity Exchange of India and the London Metal Exchange Thursday ahead of the release of the US non-farm employment change data.
However, the losses were limited due to strong economic data from China. China's Caixin manufacturing Purchasing Managers' Index rose to 50.4 in June from 48.3 in May, beating Reuters poll estimates. A reading below 50 indicates a contraction in the economic activity while a number above 50 signals an expansion.
China's official Manufacturing Purchasing Managers' Index also rose to 49.7 in June from 49.5 in May, exceeding market expectations but remained in contraction territory. China is the top producer and consumer of non-ferrous metals and positive economic data could boost demand for the metals in the country.
"Copper hovered near a three-month high, supported by tightening global supply, solid Chinese demand, and growing uncertainty over potential US import tariffs," Kotak Securities said in a report. Traders have been redirecting shipments to the US ahead of a possible 10% levy, widening the price gap between Comex and LME contracts to around $1,300/tonne and triggering inventory drawdowns across major exchanges, the report said.
US President Donald Trump had ordered the Commerce Department in February to investigate the threat copper imports pose to national security and suggest ways to mitigate it. The mitigation efforts include "potential tariffs, export controls, or incentives to increase domestic production", according to the order.
At 1742 IST, on the MCX, the July futures contract of:
-–ALUMINIUM was at INR 249.35 a kg, down 0.5%
–-Copper was at INR 901.65 a kg, down 0.4%
–-LEAD was at INR 181.5 a kg, up 0.4%
–-ZINC was at INR 257.85 a kg, down 0.2%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 245.80-INR 252.20
--Copper contract seen at INR 889.00-INR 910.40
--Lead contract seen at INR 180.20-INR 182.80
--Zinc contract seen at INR 253.50-INR 262.20
End
US$1 = INR 85.31
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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